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THQ Sees $431 Million Yearly Loss, Gets More Credit

Publisher THQ today announced the results of the fiscal year that ended on March 31, 2009, revealing a net loss of $431.1 million. Described by THQ CEO Brian Farrell as "a challenging fiscal 2009," the year saw higher losses and lower sales than FY2008.

Net sales dipped to $830 million in FY2009, down from $1.03 billion in FY2008, with FY2008's net loss coming at a relatively less severe $35.3 million.
Despite the slide, Farrell expressed confidence for the next year, citing THQ's recently completed cost-cutting measures and its increased focus on quality, brands and profitability.

The company also touted its recent sales highlights, pointing out that Saints Row 2 has now shipped over 2.8 million units and noting that Warhammer 40K: Dawn of War II "debuted as the best selling PC game across major video game markets worldwide."

In a separate announcement, THQ added that it has "signed a commitment letter for a $35 million senior secured credit facility with Bank of America, NA," with THQ CFO Paul Pucino explaining that "we are pursuing this credit facility as a prudent backup to our $141 million cash and short-term investment balance at March 31, 2009."